Many Cong, JD(S) MLAs skip legislative party meeting?

Mumbai, Feb 8: Anil Ambani, the brother of Asia’s richest man has pleaded poverty in his dispute with three Chinese banks seeking $680 million in defaulted loans.

“The value of my investments has collapsed,” Anil Ambani said, according to a court filing by the banks in a London lawsuit.

“The current value of my shareholdings is down to approximately $82.4m and my net worth is zero after taking into account my liabilities. In summary, I do not hold any meaningful assets which can be liquidated for the purposes of these proceedings.”

The lawsuit was filed by three state-controlled Chinese banks which argue that they provided a loan of $925 million to Ambani’s Reliance Communications Ltd. in 2012 with the condition that he personally guarantee the debt. The comments were disclosed on Friday as Ambani sought to avoid depositing hundreds of millions of dollars with the court ahead of a trial.

The embattled Indian tycoon says that while he agreed to give a non-binding “personal comfort letter,” he never gave a guarantee tied to his personal assets -- an “extraordinary potential personal liability.”

The 60-year-old is the brother of Mukesh Ambani, who’s worth $56.5 billion and is the wealthiest man in Asia. Anil, on the other hand, has seen his personal fortune dwindle over recent years, losing his billionaire status. His Reliance Communications filed for bankruptcy last year.

The banks asked Judge David Waksman to force Ambani to put up $656 million into the court’s account.

Representatives for Ambani’s Reliance Group said they couldn’t immediately comment. They said the group will issue a statement once the court issues the final order.

Ambani’s lawyer, Robert Howe, said the court shouldn’t order his client to make a payment he can’t make. The tycoon argues that an order requiring him to do so would hinder his ability to defend himself in the case, Howe said.

“There’s no evidence of some giant pot of gold that he can pull $1 million, let alone $10 million, let alone $100 million,” Howe said.

Bankim Thanki, an attorney representing Industrial & Commercial Bank of China Ltd., China Development Bank and the Export-Import Bank of China, said in a filing that Ambani’s statements are “plainly a yet further opportunistic attempt to evade his financial obligations to the lenders.”

Ambani was caught up in another legal wrangle last year when India’s Supreme Court threatened him with prison after Reliance Communications failed to pay Rs 5.5 billion ($77 million) to Ericsson AB’s Indian unit. The judges gave him a month to find the funds, and his brother, Mukesh, stepped in just in time to make the payment.

Anil said in a filing that he recognized that the judge would want to know if he could satisfy any order to put up funds from outside resources, including his family.

“I can confirm that I have made enquiries but I am unable to raise any finance from external sources,” he said. Judge Waksman had said in an earlier ruling that he believed Ambani’s defence would be shown to be “opportunistic and false.”

Ambani’s lawyer told the judge that as a result of the comments the tycoon’s relatives were unlikely to lend any funds.

There is a “very substantial risk they will never get it back,” Howe said.

Bengaluru, Apr 22: With seven more people tested positive for COVID-19, the total number of cases now stands at 425 as of date in Karnataka, informed state health department on Wednesday.

Out of the total COVID-19 cases, 17 people have died and 129 have been discharged.
These seven new cases came to light in the last 24 hours.

With 1383 more cases and 50 deaths reported in the last 24 hours, India's total number of positive COVID-19 cases stands at 19,984, said the Ministry of Health and Family Welfare on Wednesday.

Bengaluru, Mar 13: Health Minister B Sriramulu on Thursday assured the House that the state government will recruit doctors in all Primary Health Centres across the state through direct recruitment by the end of April this year.

The minister was answering MLA A T Ramaswamy, who raised the issue of shortage of doctors on Thursday. Sriramulu said there are 2,359 primary health centres in Karnataka, of which 1,432 centres have permanent doctors, 436 have doctors on contract basis, 236 have Ayush doctors, 55 have doctors who work under rural service, and the rest work on contract basis under the National Health Mission.

Chief Minister B S Yediyurappa, who had recently directed ministers to cancel KPSC recruitment and go for direct recruitment, expressed his anger  as it hasn’t been implemented even now. Sriramulu said, “I have directed the concerned District health officer to take action and go for direct recruitment. It will be done by end of April.”

He also said he is aware of the difference in salary between doctors working under the health department and those working under the medical education department. “This will also be rectified,’’ he assured.

Meanwhile, Sriramulu said that a hospital that he had inaugurated recently in Mysuru, has been shut due to the lack of doctors and furniture. “This will be sorted out soon,’’ he assured.